SunTrust Banks Incorporated

Family finances: Get your mortgage approved faster

Many of the millions who saw Rocket Mortgage's Super Bowl commercial probably thought, "Cool. I can get a home loan on my lunch break." But to other people watching, it might have sounded like the next mortgage crisis in the making.

Laurie Goodman, director of the Urban Institute's Housing Finance Policy Center, doesn't share the misgivings. "This isn't a revival of the 2005-07 lending standards," she says. "It's an automated, less cumbersome way to collect information." With Rocket Mortgage, a tool from online lender Quicken Loans, you can be approved in as little as 8 minutes, say its developers, by providing details about income, assets and the...